Property Overview

This two-storey home at 485 Larsen Avenue in Winnipeg's Chalmers neighbourhood is a distinctly modern property within a historic area. Built in 2023, it stands out for its new construction, generous living space, and significant assessed value relative to its immediate surroundings. The home features 1,460 sqft of living area and a renovated basement, situated on a standard 3,298 sqft lot with no garage or pool.

Key Characteristics & Appeal

The primary appeal of this property lies in its rarity and modern convenience. It is a brand-new home in a neighbourhood where the typical house is nearly a century old, offering buyers a move-in-ready space without the concerns of aging infrastructure. Its living space is notably larger than most local comparables, placing it in the top tier for the street and area. The high assessed value, which ranks in the top 1-2% for Chalmers, reflects this premium positioning.

This home would best suit a specific type of buyer: those seeking modern amenities and space but who prefer the established character and potentially lower price point of the Chalmers area over a new suburban subdivision. It’s a practical choice for someone who wants a new build without a sprawling yard to maintain. A less obvious perspective is that this property represents a significant value outlier on its street—it sold for $50,500 in 2024 against an assessed value of $44,100—which may indicate strong buyer demand for turn-key homes here or a market adjustment for new construction in older districts.

Frequently Asked Questions

1. How does such a new home fit into this neighbourhood?
This 2023 build is a notable exception in Chalmers, where most homes were built in the early 1900s. It offers modern design and systems while being situated on a traditional, smaller city lot.

2. The assessed value seems high for the area. Why is that?
The assessed value of $44,100 ranks in the top 1% for the Chalmers neighbourhood. This premium is directly tied to the home's new construction, larger square footage, and renovated basement compared to the area's predominantly older, smaller housing stock.

3. What does the recent sale price tell us?
The home sold for $50,500 in April 2024, which is approximately 15% above its assessed value. This suggests the market recognized a premium for its condition and newness that exceeded the municipal assessment.

4. Are there any obvious compromises for a new home at this price?
Typical trade-offs for a new home in an established area include a smaller lot size (this one is below the city-wide average) and the lack of features common in newer suburbs, such as an attached garage or a large backyard.

5. How does the living space compare?
With 1,460 sqft, the living area is substantially larger than the local average (approximately 950 sqft for comparable homes in Chalmers), placing it in the top 5% for the neighbourhood. However, it is slightly above the city-wide average for all homes.